You can agree with me on a scale 1 - 10, 6 that the development of the internet is one of the best, amazing and revolutionary innovation of Man. Also through the development of the internet has there been catastrophic events around the globe such as cyber crimes, hacking, identity theft which has cost countless life a huge future. Let's take some past events into consideration just to buttress my point 1) a recent study by Javelin Strategy & Research - $16 billion was stolen from 15.4 million US. consumers in 2016 due to failures of the financial system to protect Personally Identifiable Information (PII). 2) The 2016 Year End Data Breach Quickview by Risk Based Security, found that 4,149 data breaches occurred in businesses globally in 2016, exposing over 4.2 billion records.
These are just of a few case or incidence over the years past.
Also, these indicate how weakened the security of financial institutions is but today I bring to you a platform which proposes an additional layer of security to change the odds of inadequate security.
Hydro enables new and existing private systems to seamlessly integrate and leverage the immutable & transparent dynamics of a public blockchain to enhance
application and document security, identity management, transactions, and artificial intelligence.
The proposed technology was formulated by the Hydrogen Corporation called “Raindrop” - a transaction performed through a smart contract that validates private system access publicly and can complement existing private authentication methods. The technology is intended to provide additional security for sensitive financial data that is increasingly at risk from hacking and breaches.
Hydro is implemented on the Ethereum blockchain network.
It makes use of Merkle trees which are used in distributed systems for efficient data verification. They are efficient because they use hashes instead of full files. Hashes are ways of encoding files that are much smaller than the actual file itself. The technology also entails of Smart Contracts and Ethereum Virtual Machine which serves as a runtime environment for smart contracts on ethereum.
Hydrogen Raindrop
The raindrop was built on top Hydro public ledger which is a blockchain-based authentication service. This offers a distinct, immutable, globally viewable layer of security that verifies an access request is coming from an unauthorized source.
You might be wondering about the name Raindrop it might sound awkward to your hearing well the fact is the name Raindrop symbolizes something crucial: Rain contains packets of condensed water ranging from 0.0001 to 0.005 centimeters in diameter. In a typical rainstorm, there are billions of these packets, each of random size, velocity, and shape. Because of that, one cannot reliably predict the exact nature of rain. Similarly, every Hydro authentication transaction is unique and virtually impossible to have occurred by chance - that is why they call them Raindrops. I hope that's understood.
The Hydro Raindrop will be made available to the world developer community as open source software, to allow developers to integrate the Hydro Raindrop with any REST API.
What More Does Raindrop Has To Offer
The Hydro Raindrop can enhance the security of private systems.
By using Raindrops, both the system and the accessor can monitor authorization attempts on an immutable public ledger. This blockchain-based transaction is decoupled from the basic system operations, occurs on a distributed network, and depends upon the ownership of private keys. Therefore, it serves as a useful validation vector.
There are four entities involved in the Hydro authentication process: 1. Accessor - the accessor is a financial institution or app utilizing the Hydrogen APIs for its core digital infrastructure. 2. System - The system or gateway that is being accessed by the Accessories. 3. Hydro - The module that is utilized by the System to communicate and interface with the blockchain. 4. Blockchain - The distributed public ledger that processes Hydro transactions and contains the Hydro smart contracts, through which information may be pushed, pulled, or otherwise operated upon.
Anyone can view an authentication attempt to the Hydro smart contract, which means the days of platforms being compromised for months-on-end can be a thing of the past. API hackers can now be thwarted with more immediacy because of the ability to detect unexpected authorization attempts in real-time, from anywhere in the world.
Contained in the image below the future plans and events for the hydro project.
TEAM
The Team behind this project are shortlisted in the below image
For more information about this outstanding and promising project, check the links below
Website: https://www.hydrogenplatform.com
Github: https://github.com/hydrogen-dev
Medium: https://medium.com/hydrogen-api
Twitter: https://twitter.com/@hydrogenapi
Telegram: https://t.me/joinchat/H3uDdQ9JBFyV1UL35xX4VQ
Reddit: http://www.reddit.com/r/projecthydro
Discord: https://discordapp.com/invite/gxAUagw
YouTube: https://www.youtube.com/channel/UChDPAVs_qKREy9zAQsc6VVw
Author's Name: PhilMovs